Standard Bank expects its headline earnings per share to jump by roughly 30%, as it benefits from the increase in interest rates.
Not all sunshine and roses
Credit impairments for the first five months of 2023 increased by 50%, as a larger lending book, rising covering debt and consumer strain all affected the group’s results. That said, the credit loss ratio for consumer banking was outside the group’s target range of 100 – 150 basis points, whilst the credit loss ratio for Business and Commercial Banking was also outside the group’s target range of 100 – 120 basis points.
Looking positively, the group’s Corporate and Investment Banking credit losses were below the 40 – 60 basis point cycle range for customer impairments.
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